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STV Group plc announces renewal of bank facilities
STV Group plc announces renewal of bank facilities.
About this update from Stv Group Plc
[{"type":"text","content":"\n \nRNS Number : 7675I STV Group PLC 04 June 2014 \n \n\nPress Release \n \nSTV Group plc 4 June 2014\nSTV Group plc announces renewal of bank facilities \nSTV Group plc today announces that it has secured a new 5 year revolving credit and overdraft facility for £60million with a maturity date of June 2019. This replaces the previous £57.5million facility and will result in a lower interest margin being payable reflecting the strong trading position and normalised balance sheet of the Group.\nThe new facility is provided by Santander UK plc and Barclays Bank plc and carries standard covenant arrangements, including interest cover and net debt:EBITDA ratio tests. The facility will provide headroom for the ongoing needs of the Group whilst providing flexibility to continue to pursue the growth strategy. \nGeorge Watt, Chief Financial Officer, said: \"The new credit facility, which is provided at improved pricing representing the significant improvement in the net debt levels of the group, provides funding certainty and flexibility should this be required to support our future growth ambitions. I look forwar...